Stock Feeding Frenzy, Citigroup Saved, Battered Financials Bounce
Friday’s rally continued today leading to the biggest two day gain in the major indexes since 1987. News of a massive government guarantees to save Citigroup sent financial and other shares skyward in a stock feeding frenzy. The indexes were on an upward trajectory for most of the day, with profit taking knocking them off the highs near the close. The DJIA added +396.97 to 8443.39, the Nasdaq surged +87.67 to 1472.02, and the broad based S&P 500 jumped +51.78 to 851.81.
Citigroup
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PowerRating) – Exploded up 55.17% or $2.08 to $5.85/share on the heels of an aggressive government plan to save the ailing bank. $306 billion of guarantees provided investors confidence to jump back into C and other financial shares gained as a result.
Apple
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PowerRating) – JP Morgan lifted its Fiscal 2009 profit estimates 7.3% due to growing demand for Mac notebooks. The stock responded by climbing 12.38% or $10.22 to $92.80/share.
New York Times –
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PowerRating) – Citigroup raised its rating to hold from sell, resulting in shares surging 23.60% or $1.27 to $6.61/share.
TASER International
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PowerRating) – This one time day traders’ favorite stock advanced 36.80% or .99 cents to $3.68 on the heels of an order from the LAPD.
Oil climbed $4.57 to $54.44, gold surged $27.70 to $819.50 and the fear index VIX plummeted 10.97% to 64.70.
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